Normally in Moscow, your employer will open a bank account for you, unless you request your salary to be deposited in an existing account. Your employer will have a corporate agreement with a bank allowing you to have a no-fee account. If there is a fee assessed by the bank, your employer will pay it.
In this common employer-sponsored scheme, the only documents required of you will be your passport and proof of permanent address, either in your hometown (for example, a mortgage bill), or in Moscow, if you have permanent residency. In most cases, you will need to visit the bank branch in person to sign application documents; and then again to pick up your Electron or Debit card. An Electron card is similar to a Debit card, but may not be accepted abroad.
These accounts are basic accounts, and you will earn minimal interest on your deposits. If desired, you can also open a savings account. Savings accounts come in many shapes and formats, with varying interest rates. In some, adding funds after initial deposit may not be allowed. In others, you will face penalties for withdrawal prior to an agreed-upon term.
At most banks, accounts can be opened in RUR, EUR, USD and a selection of other currencies. Because of the wide variety of options, you should make an appointment with an English-speaking consultant to learn the specific offers at that bank.
The documents required to open a bank account depend on the account you wish to open and the specific bank’s requirements. For example, Citibank and Raiffeisen require a letter from the employer confirming you have income, if you do not already have an employer-sponsored account with them. In many other banks, a passport with current visa and registration is sufficient, particularly if you are making a large deposit into a savings account.
